Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, TRON, Stellar, Binance Coin, Bitcoin SV: Price Analysis, Feb. 11
Bakkt recently completed its first acquisition of certain assets of futures commission merchant Rosenthal Collins Group (RCG). The much-awaited digital asset platform is expected to launch laterin the year, according to Jeff Sprecher, CEO of the Intercontinental Exchange (ICE). Many expect institutional participation to increase with the launch of Bakkt.Bitcoin (BTC) broke out of the 20-day EMA for the first time since Jan. 10. It is currently trading near the 50-day SMA. A bounce from the current level will carry it to the downtrend line, which has been a major hurdle since Nov. 24 of the previous year. If the price sustains above the downtrend line, it can move up to $4,255. It is currently facing resistance at the 50-day SMA. If the bulls sustain the price above $116.30, we anticipate another attempt to break out of the overhead resistance within the next few days. The 20-day EMA has turned up and the 50-day SMA is gradually sloping up. The RSI reached the overbought level for the first time since December 2017. This shows a probable change in trend. The flattish moving averages and the RSI close to the 50 levels points to a range bound trading in the near-term. We might suggest long positions if the price sustains above $141. Until then, we remain neutral on it.